bgc partners inc-cl a (BGCP) Key Developments

BGC Partners, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015; Announces Impairment of Fixed Assets

Jul 29 15

BGC Partners, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of totaled $669.1 million, up 60.4% year-over-year. Revenues for distributable earnings rose to $684.6 million from $430.3 million. GAAP net income rose to $13.3 million or $0.04 diluted per share from $11.1 million or $0.03 diluted per share in the year-ago period. Distributable EPS was $0.18, up from $0.13 a year earlier. Adjusted EBITDA increased by over 70% year-on-year to $109 million during the second quarter. Pretax earnings before non-controlling interest in subsidies and taxes were $77.5 million, up 46.3% when compared with $53 million. Book value per common share was $1.83. Income from operations before income taxes was $17,289,000 against $14,915,000 a year ago. Consolidated net income was $15,017,000 against $11,315,000 a year ago. Net income available to common stockholders was $9,347,000 against $7,601,000 a year ago. Adjusted GAAP revenue was $672,189,000 against $417,581,000 a year ago. Distributable earnings revenue was $684,591,000 against $430,311,000 a year ago. Pre-tax distributable earnings per share were $0.21 against $0.16 a year ago.
For the six months, the company reported total revenues of $1,216,698,000 against $861,991,000 a year ago. Income from operations before income taxes was $53,559,000 against $26,161,000 a year ago. Net income available to common stockholders was $23,402,000 against $15,609,000 a year ago. Fully diluted earnings per share were $0.10 against $0.07 a year ago.
The company provided earnings guidance for the third quarter of 2015. For the quarter, the company expects distributable earnings revenues of $680 million to $725 million, up between 51% and 61% from $449.8 million reported in third quarter of 2014. The company said the recent strengthening of the U.S. dollar has negatively affected its third quarter sales outlook by $22 million. The company anticipates generating pretax earnings of between $80 million and $95 million, which is an increase of between 22% and 44% when it's compared to $65.8 million last year. The company continues to expect, to have an effective tax rate to remain around 15%.
For the second quarter, the company announced impairment of fixed assets of $13,195,000 against $474,000 a year ago.

BGC Partners, Inc. Provides Earnings Guidance for the Second Quarter of 2015

Jun 30 15

BGC Partners, Inc. provided earnings guidance for the second quarter of 2015. The company had expected distributable earnings revenues to increase by between approximately 51% and 58% and to have been between approximately $650 million and $680 million, compared with $430.3 million. The company had anticipated pre-tax distributable earnings to increase by between approximately 32% and 51% and to have been in the range of $70 million to $80 million, versus $53.0 million. The company had expected its effective tax rate for distributable earnings to remain approximately 15%. The company's original outlook for second quarter of 2015 revenues would have been at least $18 million higher but for the strengthening of the U.S. dollar compared with the year earlier period.

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